During the WebX conference in Tokyo, Japan, Prime Minister Fumio Kishida delivered a keynote address reaffirming Japan’s dedication to fostering the Web3 industry. He praised Web3 for its potential to revolutionize the internet and catalyze social change.
Web3: Paving the Way for a New Form of Capitalism
In his speech, Prime Minister Kishida emphasized the importance of the Web3 sector, which he described as “the new form of capitalism.” He expressed his hope for the industry’s revitalization and the emergence of innovative projects.
Kishida lauded the WebX conference for bringing together industry players to Japan, fostering collaboration and driving innovation across various sectors. EOS Foundation CEO Yves La Rose also praised the welcoming attitude toward Web3 in Asia.
Japan’s Regulatory Framework to Support Web3 Growth
Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, highlighted Japan’s efforts to establish a strict regulatory framework to protect investors and promote further Web3 policies. He cited the “Start Next Innovator” project as instrumental in nurturing Japanese-owned Web3 businesses. It aims to send entrepreneurs and students to Silicon Valley for Web3 startup support.
Binance’s Imminent Launch in Japan and Japan’s Progressive Legislation
Binance CEO Changpeng Zhao announced the imminent launch of the cryptocurrency exchange’s services on a new Japanese platform. This further coincided with Prime Minister Kishida’s address. Binance’s acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) paved the way for their reentry into Japan. Notably, their services are expected to begin in August 2023.
In June 2023, Japan’s national tax agency revised legislation to exempt token issuers from paying corporate taxes on unrealized cryptocurrency gains, making the country more attractive for Web3 entrepreneurs.